How to get the most from a software demo: what a small RIA should ask to see
To get real value from a software demo, a small RIA should bring its own scenarios rather than watch a standard tour: a strategy change, a quarterly billing run with an exclusion, an IPS update, and pulling every record for one client. Ask the vendor to show those on screen, ask what isn't supported yet, note what you saw versus what you were told, and score every vendor against the same list afterwards.
Most software demos follow the vendor's script: the prettiest dashboard, the smoothest feature, a few impressive clicks. Thirty minutes later you know what the product looks like and not much about whether it handles your firm's messy Tuesday. The fix is simple: bring your own scenarios.
What should you prepare before the demo?
Write down four or five real situations from your own week, without client names:
| Scenario | Ask them to show |
|---|---|
| A client's strategy changes | Where it's changed, whether it's dated, and what else updates (IPS, billing, trades) |
| Quarterly billing with an exclusion and a mid-quarter account | How the exclusion and proration are handled, and what record each run leaves |
| An IPS update | How a new version is created and the old one kept |
| Pull every record for one client | How long it takes and what's included |
| A new account arrives from the custodian | How it gets linked to the right client and strategy |
What questions reveal the limits?
- "What doesn't this do today?"
- "Which custodians' data does it import?"
- "What happens to my data if I leave?"
- "Who sets it up, and how long does setup take for a firm our size?"
- "How is our data separated from other firms' data?"
- "Does it have AI features, and if so, what data do they see?"
- "How is it priced as we add people?"
How do you compare vendors fairly?
- Use the same scenarios and questions for every vendor.
- During the demo, note what you saw separately from what you were told.
- Score each scenario: done well, done with workarounds, or not supported.
- Ask for any promise in writing, with a date.
- Decide on what exists today.
A worked example
Take a hypothetical two-person RIA comparing three products. It sends each vendor the same five scenarios a day before the demo. One vendor shows all five on screen. Another shows three and describes two as "on the roadmap". The third shows a polished tour and skips the billing scenario. The scorecard makes the choice clearer than three separate impressions would have.
What are the common traps?
- Judging on the dashboard rather than the work you do every week.
- Counting roadmap items as features.
- Comparing vendors on different scenarios.
- Only the owner attends, and the person who runs billing never sees it.
When is this overkill?
If you're replacing one small tool with another that does the same job, a shorter list is fine. For practice software that will hold your client records, billing and compliance records, the extra hour of preparation pays back.
How Advorra fits
We'd rather you bring your scenarios to an Advorra walkthrough. We'll show them on a demo firm, tell you plainly what isn't supported yet (for example, which custodians' data it works with today), and leave you with the same questions answered in writing. See the product page, or read what practice management software is and what RIA software costs.
One thing to do this week: write down the five scenarios you'd want any vendor to show you, before you book a single demo.
A practical method for running fair demos, not a recommendation of any vendor.
Questions advisors ask
How long should a demo take?
Thirty to forty-five minutes is usually enough if you bring your own scenarios. Longer demos often drift into features you won't use.
Should I share my real data in a demo?
No. Ask to see the vendor's demo data, or a test account. Never share client information before a contract and due diligence.
What if the vendor says a feature is "coming soon"?
Write it down as not available today. Buy on what exists, not on promises.
Who should attend from my firm?
The person who will use it most, often whoever runs billing and operations, as well as the owner.
Is this a recommendation of any vendor?
No. It is a practical method for running fair demos with any vendor.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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